Экономические науки/4. Инвестиционная деятельность и фондовые рынки
Zmiienko M.A.
National Technical
University of Ukraine "Kiev Polytechnic Institute", Ukraine
INVESTMENT ACTIVITY OF THE ENTERPRISE: ESSENCE AND BASIC PRINCIPLES
The main goal of any investment activity is to obtain benefits, and this
"benefit" can be embodied
both in the material form, and in non-material. This is primarily
explained by the nature of investment, because this category can be defined as
long-term capital investments in any facilities, social and economic programs, projects in own country
or abroad in order to generate income and social effect [1]. Thus it becomes
clear that investment pursues not only exclusively economic goals, but also may have consequences in
the form of positive social effects.
Investment
activity of the enterprise is often identified with concept of investment
process that is not correct, because the essence of these categories is
different. So, there is an
opinion that investment process is necessary for considering as sequence of
change of a condition of the capital as a result of investments, and investment activities
as activity on working out and implementation of investment decisions, directed
on restoration, preservation and a capital increase in value [2, p. 16].
Investment activity of any company should be built on certain
principles, namely:
System principle. It is shown through the necessity of the consideration
of what results the investment process will render on social and economic
system as a whole, and also what internal and external effects will follow
after carrying out of the given investment activity.
The principle of comprehensiveness. It is shown through the necessity or a comprehensive analysis
of the initial data of the investment process, and also reflected in the assessment
of the expected efficiency of various options of investment activity.
Validity
principle. It is shown through necessity of: a detailed justification of
the use of one or other investment
resources, internal and external factors of influence on the given investment
environment; the formation of
estimations and conclusions, «based on full references, and also trustworthy
information with an acceptable level of accuracy and potential fluctuations [3, p.40].
Adaptation principle. It is shown through necessity of the organization
and functioning of investment activity so that the system could adapt to influencing factors, without considerable
losses both in time, and in additional resource maintenance.
Investments that are used by enterprises can be exist in two forms: real and financial
investments. Real investment, as economic category can be defined as investment
in fixed and current assets, for
the purpose of creation new and/or restoration of the existing capital [4]. Financial investments are
realized through the investment of assets in financial instruments, the main of
which are securities, etc.
Investment activity can be realized for achievement of the purposes of
two basic types: formal and real. In this case, the real objectives are formed proceeding from results of achievement of
the formal purposes. Formal purposes of investment activity of the enterprise
can be: to achieve increased profits (income), to increase the scales of manufacture, to solve the social and environmental
problems, and others [5,
p. 36]. In turn, the real purposes are the concrete indicators, the achievement of which is the purpose of investment activities of
the given enterprise.
As a whole investment activity should be realized according to
investment strategy of the enterprise, development and
implementation of which it is expedient to conduct in a certain sequence of
stages [6, p. 225-229],
namely:
− definition of strategic targets of the enterprise;
− gathering and information processing about the factors, which
influence on realization of objects in view;
− development of alternative investment options;
− development and analysis of various investment strategies of the
enterprise;
− definition of the most effective strategy of investment of the
enterprise;
− implementation
of resource maintenance, for the performance of the chosen strategy;
− control and regulation of the implementation of investment strategies of the enterprise;
− an estimation of efficiency and productivity of implementation of the chosen investment strategy of the
enterprise.
Thus, the investment activities of enterprises
can be defined as work on the development and implementation of investment
decisions directed on restoration, preservation and a
capital increase in value. Processes of formation and realization of investment
activity should occur in conformity to a systems, adaptation, validity
principles, the principle of comprehensiveness
and others, and also to function in indissoluble
communication with investment strategy of the enterprise.
Investment activity of
the enterprise is an integral part of its industrial and economic activity and
investment level directly influences affects the competitiveness and efficiency of the
given enterprise.
References:
1. Нешитой
А. С. Инвестиции: Учебник. — 5-е изд., перераб. и испр. — М.: Издательско-торговая
корпорация “Дашков и Ко”, 2007. — 372 с.
2. Підхомний О.М. Управління
інвестиційними процесами на фінансових ринках: навч. посібник / О.М. Підхомний.
– К.: Кондор, 2003. – 184 с.
3. Альгин
В.О. О принципах подготовки проектной документации и оценки инвестиционных
проектов / О.В. Альгин // Инвестиции в России. – 2003. - № 11. – с. 39-40.
4. Змиенко М.О. Реальные
инвестиции предприятия // НАУ // 2010 / №4 – Электронное издание
5. Ковалев В.В. Инвестиции /
В.В. Ковалев, В.В. Иванов, В.А. Лялина. – М.: ООО “ТК Велби”, 2003. – 440 с.
6. Паук О.Є. Стратегії інвестування промислових підприємств
/ Науковий вісник НЛТУ Україні. – 2010. – Вип. 20.12. – 348с.